Foreign Exchange Market Commentary

Daily Forex Technicals | Written by HY Markets | Dec 01 08 03:22 GMT |

EUR/USD closed lower on Friday due to profit taking as it consolidates some of last week's rally. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a bottom low has been posted. If it renews this fall's decline, October's low crossing is the next downside target. USD/JPY closed higher on Friday due to short covering but remains below the 10-day moving average crossing. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible near-term. If it renews this fall's decline, weekly support crossing at is the next downside target. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted. GBP/USD closed lower on Friday due to profit taking as it consolidates some of last week's rally. The mid-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible near-term. Closes above the reaction high crossing are needed to confirm that a bottom low has been posted. If it renews this fall's decline, October's low crossing is the next downside target. USD/CHF closed higher on Friday as it extended last week's trading range. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible near-term. If it renews this fall's decline, weekly support crossing at is the next downside target. Closes above the reaction high crossing are needed to confirm that a short-term low has been posted. HY Markets http://www.hymarkets.com